Judicialforeclosure states have experienced prolonged foreclosure activity in response, with foreclosures in states like New York, New Jersey and Florida averaging a staggering 1, 049 days, 1, 002 days and 893 days accordingly.
While so-called judicial states (where the foreclosure process goes through the courts) like New York have seen price declines, administrative states like Arizona experienced impressive comebacks, with home prices in Phoenix, for example, growing more than 22% over the 12 months to February.